A cashback credit card is similar to a
reward credit card however, instead of being rewarded discounts on flights or shopping vouchers you receive cash. The amount of cash you earn is calculated from the amount you spend on the card, typically between 0.5 to 5% of its value. As a cashback credit card offers the unique ability of discounting all of your purchases, they can be a valuable finance tool for any person. Below are the cashback credit cards from banks and providers within Australia. Use the table to find the best card for your needs. If you would like
more information on cashback credit cards, please scroll to the bottom of the page.
- Click on table items to expand and learn more
- Select credit cards to add to your shortlist to see more in-depth comparison. Maximum of 4 cards at a time.
Credit Card |
Interest Rate |
Balance Transfer Rate |
Interest Free Days (up to) |
Annual Fee |
Rewards |
|
|
ANZ Balance Visa
|
14.24% p.a.
|
0% p.a.
6 months
|
0% 55 days
|
$79 ($57 p.a. + $22 Rewards Program Fee)
|
Cashback, Shopping
|
|
- Enjoy all the benefits of this card and pay a low annual fee of $79
- Range of vouchers and gift certificates
- 24/7 monitoring of suspicious transactions
- You must have an income of over $15,000
Up to 55 days interest free from the date the purchase is made, after this period you will be charged an annual interest rate of 14.24%. Cash advances have an annual interest rate of 21.49%.
There is no introductory balance transfer offer on this card and any balance transfers will incur an interest rate (per annum) of 14.24%.
You will not be charged interest on any purchases for the first 55 days. Once the 0% period ends you will be charged an interest rate (per annum) of 14.24% on any purchases you make.
This credit card has an annual fee of $79 ($57 p.a. + $22 Rewards Program Fee)
You can earn up to 1 rewards points for every dollar you repay to your balance, including repayments to purchases, fees, interest, cash advances and repayments on balances transferred. You can redeem points for cashback, shopping vouchers and gift cards.
|
|
American Express Platinum MoneyBack
|
20.49% p.a.
|
N/A
|
0% 44 days
|
$99 p.a.
|
Cashback
|
|
- Enrollment into the American Express MoneyBack program
- Free Purchase and Refund Protection
- Enjoy all the benefits of this card and pay a low annual fee of $$99
- You must have an income of over $40,000
Up to 44 days interest free from the date the purchase is made, after this period you will be charged an annual interest rate of 20.49%. Cash advances have an annual interest rate of 20.49%.
There is no introductory balance transfer offer on this card and any balance transfers will incur an interest rate (per annum) of 20.49%.
You will not be charged interest on any purchases for the first 44 days. Once the 0% period ends you will be charged an interest rate (per annum) of 20.49% on any purchases you make.
This credit card has an annual fee of $99 p.a.
The card has a 5% introductory cashback rate for the first three months, which is capped at $300 for the first $6,000 you spend. After this period the cashback rate is 1% with no limit to your cashback.
|
|
Citibank BP MasterCard
|
20.89% p.a.
|
1.9% p.a.
12 months
|
0% 55 days
|
$79 p.a.
|
Cashback
|
|
- Enjoy all the benefits of this card and pay a low annual fee of $79
- Earn a high 5% cashback rate for the first $600 a month on purchases at BP
- You must have an income of over $20,000
Up to 55 days interest free from the date the purchase is made, after this period you will be charged an annual interest rate of 20.89%. Cash advances have an annual interest rate of 20.89%.
Enjoy an interest rate (per annum) of 1.9% on balance transfers for up to the first 12 months. Once the 1.9% period ends you will be charged an annual interest rate of 20.89% on the transferred balance.
You will not be charged interest on any purchases for the first 55 days. Once the 0% period ends you will be charged an interest rate (per annum) of 20.89% on any purchases you make.
This credit card has an annual fee of $79 p.a.
You can earn 5% cashback on purchases at BP or every day purchases earn you 0.5% cashback on the first $5,000 you spend.
|
|
Citibank Citibank Cash Back
|
20.99% p.a.
|
N/A
|
0% 55 days
|
$89 p.a.
|
Cashback
|
|
- Enjoy all the benefits of this card and pay a low annual fee of $89
- Earn 1% cashback on every purchase
Up to 55 interest free from the date the purchase is made, after this period you will be charged an annual interest rate of 20.99%. Cash advances have an annual interest rate of 21.24%.
There is no introductory balance transfer offer on this card and any balance transfers will incur an interest rate (per annum) of 20.99%.
You will not be charged interest on any purchases for the first 55. Once the 0% period ends you will be charged an interest rate (per annum) of 20.99% on any purchases you make.
This credit card has an annual fee of $89 p.a.
You can earn 1% cashback on every day purchases. The cashback is limited to $1,500 per year and any cashback earnt can be forfeited if the account is suspended or closed.
|
|
ANZ Business One Cash Rewards
|
19.1% p.a.
|
N/A
|
0% 40 days
|
$150 p.a.
|
Cashback
|
|
|
Up to 40 interest free from the date the purchase is made, after this period you will be charged an annual interest rate of 19.1%. Cash advances have an annual interest rate of 19.25%.
There is no introductory balance transfer offer on this card and any balance transfers will incur an interest rate (per annum) of 19.1%.
You will not be charged interest on any purchases for the first 40. Once the 0% period ends you will be charged an interest rate (per annum) of 19.1% on any purchases you make.
This credit card has an annual fee of $150 p.a.
Although this card does not have an introductory cashback offer, you can receive 0.5% cashback placed directly onto your account for all of your monthly purchases.
|
|
Citibank Citi Select Credit Card
|
20.74% p.a.
|
4.9% p.a.
Life of balance transfer
|
0% 55 days
|
$700 p.a.
|
Travel, Shopping, Cashback
|
|
|
Up to 55 days interest free from the date the purchase is made, after this period you will be charged an annual interest rate of 20.74%. Cash advances have an annual interest rate of 21.24%.
Enjoy an interest rate (per annum) of 4.9% on balance transfers for up to the first Life of balance transfer. Once the 4.9% period ends you will be charged an annual interest rate of 21.24% on the transferred balance.
You will not be charged interest on any purchases for the first 55 days. Once the 0% period ends you will be charged an interest rate (per annum) of 20.74% on any purchases you make.
This credit card has an annual fee of $700 p.a.
You can earn up to 2 Citi Reward points for every dollar you spend and your points do not expire as long as your card stays active. You can redeem points for travel services on Velocity Rewards (Virgin Blue and V Australia), Singapore Airlines KrisFlyer program and Asia Miles. You can also redeem points on cashback, entertainment, hotel and shopping offers.
|
What is a cashback credit card?
For every purchase you make on a cashback credit card, a percentage of the purchase amount, typically being around 1%, is credited to the credit card account or paid to the card holder separately as an annual rebate. You can earn a higher cashback rate with certain introductory offers.
The system behind the cashback program is quite simple; when accepting a credit card payment, an Australian retailer pays a percentage of that payment in commission to the banks. The bank’s cashback program works by simply sharing this commission with their customers.
Cashback credit cards can be a great way to save you money by effectively offering you a discount on purchases. However, they should only be used when you are confident that you can repay the full balance at the end of each month otherwise the benefits of the cashback scheme are quickly outweighed by the card’s fees.
Is a cashback credit card right for me?
If you are considering a cashback program you should first ask yourself the following questions: -
- Will you be able to pay off your monthly balance in full? If you feel that you will struggle to pay off your balance before the interest free period expires then you should avoid a cashback credit card and instead consider a low annual fee credit card, which will save you money in the long run.
- Will you be arranging a balance transfer as well? If you need to arrange a balance transfer on your new credit card then we recommend avoiding a cashback credit card or at least avoid using the card until the balance transferred has been paid in full. Any new purchases cannot be repaid until your balance transfer debt is cleared, and as a cashback credit card typically has a higher interest rate, you incur interest fees that will outweigh the cashback benefits.
- Do you have a good credit card rating? If your credit rating is quite poor then it is unlikely you will be able to obtain a cashback credit card.
Are cashback credit cards suitable with a balance transfer?
The cashback credit card programs are not a good option for people looking to transfer their existing credit card debt. This is because you are required to clear the balance transfer debt before you can repay any new purchases. The banks generally include balance transfers with cashback cards for this reason, as they are able to profit from high interest fees.
It’s also worth noting that you do not receive cashback for the balance you transferred so there is really no reason to use a cashback card for a balance transfer, unless of course you are planning on paying back the balance transfer debt first and then use the card for cashback purchases.
What are the advantages of a cashback credit card?
- Earn cash – this is an obvious benefit with cashback cards, just remember to pay off your debt in full before the banks charge interest fees.
- Discounts – the cashback rate effectively acts as a discount on all your purchases.
What are the disadvantages of a cashback credit card?
- Higher interest rate – some of the cashback credit cards have a higher interest rate, something to take into account when deciding on a card.
- Hard to get right – to fully benefit from a cashback credit card you must remember to pay off your monthly debt before the banks charge you interest fees, otherwise the money you receive back from the bank is quickly outweighed.
- Limits on cashback earnings – you need to read the fine print on each cashback provider as there are limits to the amount of cash you can earn back on each card.
- Cashback versus other reward schemes – as the cashback rates are generally low (as low as 0.5%) this loyalty scheme might not be as beneficial as a standard reward scheme, which might offer cheap flights, shopping vouchers, etc…
- Limited to purchases only – the cashback offer is on purchases only and does not include cash advances from ATMs or balance transfers.
- Annual fee – if you’re looking to simply benefit from the cashback offer then you must take into account the card’s annual fee. It might be more than the cash you earn back on the card, depending on the amount you spend.
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